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Vodafone India is planning to raise Rs 1,700 crore ($268 million) through a bond offering soon, according to DCM banking sources.
The bonds might have tenors of three to five years, the sources said. The deal comes a month after the company raised Rs 7,500 crore through a subordinated bond offering of five years and one month.
The sub-debt was raised via three subsidiaries of Vodafone India.
The latest bond offering is likely to pay 100bps lower than the subordinated offering, which pays an annual coupon of 10.25 per cent, sources said.
HSBC and Standard Chartered arranged the subordinated offering, which is rated AA- by Crisil. The latest offering is likely to have a higher rating.
Vodafone would use the proceeds of the new offering for capex. The company invests over $1.5 billion to $2 billion annually in India, according to sources.
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